Bitcoin and the broader crypto market hit new all-time highs over the last seven days, with Bitcoin surpassing the US$123K level. Prices were pushed higher in part by prospects of greater regulation emerging from last week’s ‘Crypto Week’ in the US.

Bitcoin and Ethereum were up by 0.61% and 21.90% respectively over the seven days to 20 July 2025. Bitcoin’s market capitalisation is US$2.34 trillion while the global crypto market cap rose to US$3.86 trillion. Bitcoin’s market dominance is down to 60.8%.

	Price	High	Low	Change from previous week
BTC (in US$)	$117,857	$123,089	$115,782	0.61%
ETH (in US$)	$3,580	$3,673	$2,931	21.90%

Source: CoinMarketCap. As at 20 July 2025. Past performance is not indicative of future performance. Performance is shown in US dollars and does not take into account any USD/AUD currency movements.

Source: Glassnode. Past performance is not indicative of future performance.

Crypto news we’re watching

ASX companies turn to bitcoin

Executives of ASX-listed companies no longer need to scour financial models for value-additive projects to allocate cash to. There is a new strategy ASX companies have imported to boost shareholder value: the so-called ‘Bitcoin treasury account’.

Locate Technologies (ASX: LOC), a Sydney-based technology firm, made headlines recently as the first ASX-listed company to adopt a Bitcoin treasury strategy, using ‘excess cash’ from a $1.4 million capital raise to purchase 10 Bitcoins in June 2025.

When asked at a recent investor briefing about the move, Locate Technologies CEO Steve Orenstein said “those that have been following Bitcoin over a number of years have seen how it has grown substantially in value… my expectation is that that will continue. And so, I think there will be more businesses looking to hold Bitcoin on their balance sheets… I think we are the first in Australia as a company that’s listed on the ASX to be putting Bitcoin on our balance sheet.”

The strategy has since gained support from early doubters, including fund manager Cyan Investment Management, which counts increased liquidity and balance sheet strength among the benefits.¹

Crypto Week

The US has passed its first major national cryptocurrency law, marking a milestone for the crypto industry after years of lobbying.

The GENIUS Act, signed by Donald Trump last week, focuses on regulating stablecoins – cryptocurrencies backed by assets like US dollars – to ensure they’re adequately supported by low-risk reserves. The law is intended to provide regulatory clarity, promote innovation in payment systems and bring crypto further into the mainstream.

However, critics argue it legitimises stablecoins without adequate consumer protections, potentially exposing users to financial risk and allowing tech firms to perform banking functions without equivalent oversight.

Despite those concerns, the bill drew bipartisan support in Congress. The legislation is one of three crypto-related bills in progress, with the other proposals aiming to a) block a US central bank digital currency and b) regulate broader crypto assets. Analysts suggest these additional bills face tougher paths ahead, especially amid ongoing concerns around Trump’s crypto ties and regulatory shortcomings.²

CRYP company spotlight

CRCL surges due to Crypto Week

Circle Internet Group (NASDAQ: CRCL) shares surged approximately 13% mid-last week, driven by renewed momentum from both Crypto Week and the signing of the GENIUS Act. Investors have become optimistic that legislative progress could soon benefit Circle’s core stablecoin business.

With a cryptocurrency-friendly regulatory path emerging, Circle’s performance reflects growing investor belief in the long-term mainstream role for stablecoins.³

CRCL is held in the Betashares Crypto Innovators ETF (ASX: CRYP). CRYP provides exposure to global companies at the forefront of the crypto economy. No assurance is given that this company will remain in the portfolio or will be a profitable investment.

Bitcoin (BTC): Fear & Greed Index

The Crypto Fear & Greed Index is an indicator from Alternative.me that aims at capturing investor sentiment in a single number by incorporating data from multiple sources. The index ranges from 0 to 100, where 0 denotes “extreme fear” (times of exaggerated negative investor sentiment) and100 means “extreme greed” and would indicate exaggerated positive investor sentiment.

According to data from Alternative.me, as at 21 July 2025, the Fear and Greed Index sits at a reading of 74, which is just below “extreme greed”.

Source: Glassnode

Bitcoin (BTC): Percent Balance on Exchanges

This metric displays the percentage of total supply held on exchange addresses. According to data from Glassnode, as at 21 July 2025, Bitcoin supply on exchanges is sitting at 14.5% – the lowest for more than six years. Historically, outflows from exchanges are perceived as a bullish signal as it could be an indication that investors are more inclined to hold the asset for a longer period.

Source: Glassnode. Past performance is not indicative of future performance.

Altcoin news

XRP has surged 26% over the past week, approaching its all-time high of $3.40 set in 2018, with current prices hovering around $3.26. This rally has been fuelled by a wave of bullish sentiment as well as strong long-short ratios, suggesting most traders expect further upside. XRP has now overtaken Tether to become the third-largest cryptocurrency by market cap, buoyed by renewed institutional demand.⁴

References:

1. https://www.forbes.com.au/news/innovation/australian-delivery-start-up-locate-technologies-banks-1-45-million-and-puts-bitcoin-on-the-balance-sheet/
2. https://www.businessinsider.com/genius-act-bitcoin-ethereum-price-stablecoins-coin-crcl-btc-eth-2025-7?utm_source=chatgpt.com
3. https://www.benzinga.com/trading-ideas/movers/25/07/46448360/circle-internet-group-crcl-shares-rally-as-trumps-intervention-revives-key-stablecoin-bill?utm_source=chatgpt.com
4. https://www.dlnews.com/articles/markets/xrp-price-nears-all-time-high-as-traders-eye-further-gains/